Remember the days where important working files were saved on a floppy disc, not the cloud? Or bills were paid via mail, not just instantly with the touch of a button on your smartphone? Lots has changed in the last few decades, but unfortunately, the same cannot be said for Canadian taxation. The last time Canada undertook a comprehensive review of its tax system, humankind had yet to set foot on the moon.
It has been five decades of the same old and, sure, it is not a secret that nobody likes the tax man, but that does not mean he should be ignored. Canada has a choice, either keep pace with the rapid rate of change or be left behind.
Now more than ever, it is crucial we recognize a modernized tax system can be a key driver of Canada’s business innovation and economic growth. So, what else needs to change? How does it need to change? And most importantly, why is our federal tax system 41st in the world when it comes to the time it takes Canadians to prepare and pay taxes? All of these questions and more are addressed in the Canadian Chamber of Commerce's latest report, 50 Years of Cutting and Pasting: Modernizing Canada’s Tax System.
You can also read this month’s 5 Minutes for Business to find out about the benefits of a Royal Commission on taxation. Instead of dreading tax time, it is time we understand why we need to push it directly into the spotlight.